Glimcher Realty Trust (GRT) filed Quarterly Report for the period ended 2009-09-30.
GLIMCHER REALTY is a self-administered and self-managed Maryland REIT which was formed to continue the business of The Glimcher Company and its affiliates of owning leasing acquiring developing and operating a portfolio of retail properties consisting of regional and super regional malls (including most recently value-oriented super-regional malls) and community shopping centers(including single tenant retail properties). Glimcher Realty Trust has a market cap of $113.6 million; its shares were traded at around $2.99 with a P/E ratio of 1.4 and P/S ratio of 0.4. The dividend yield of Glimcher Realty Trust stocks is 13.4%.
Highlight of Business Operations:
Total revenues decreased 8.4%, or $6.9 million, for the three months ended September 30, 2009 compared to the three months ended September 30, 2008. Minimum rents decreased $1.8 million, percentage rents decreased $90,000, tenant reimbursements increased $100,000, and other revenues decreased $5.1 million.
Total expenses decreased 11.9%, or $7.0 million, for the three months ended September 30, 2009 compared to the three months ended September 30, 2008. Property operating expenses decreased $396,000, real estate taxes increased $322,000, the provision for doubtful accounts increased $55,000, other operating expenses decreased $4.7 million, depreciation and amortization decreased $2.2 million, and general and administrative costs decreased $112,000.
The net loss from joint ventures contains results from our investments in Puente Hills Mall (“Puente”), Tulsa Promenade (“Tulsa”), Surprise Town Square (“Surprise”), and Scottsdale Quarter. Puente and Tulsa are held through a joint venture (the “ORC Venture”), with OMERS Realty Corporation (“ORC”), an affiliate of Oxford Properties Group (“Oxford”), which is the global real estate platform for the Ontario (Canada) Municipal Employees Retirement System, a Canadian pension plan. Net loss from unconsolidated entities was $1.5 million and $574,000 for the three months ended September 30, 2009 and 2008, respectively. Our proportionate share of the loss was $759,000 and $299,000 for the three months ended September 30, 2009 and 2008, respectively. Contributing to this decrease in net income from unconsolidated entities was a decline in minimum rents. Also, we experienced an increase in both ground rent expense and interest expense. The increase in these expenses is driven primarily from Scottsdale Quarter. These expenses were capitalized during the three months ended September 30, 2008. During 2009, Scottsdale Quarter has opened and we have appropriately begun expensing these costs.
Total revenues decreased 3.6%, or $8.6 million, for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. Minimum rents decreased $6.5 million, percentage rents decreased $104,000, tenant reimbursements increased $693,000, and other revenues decreased $2.8 million.
Licensing agreement income relates to our tenants with rental agreement terms of less than thirteen months. During the nine months ended September 30, 2009, we sold two outparcels for $1,675,000. During the nine months ended September 30, 2008, we sold three outparcels for $6,060,000 with the most significant sale being a $5.0 million outparcel at Jersey Gardens to an Embassy Suites franchisee. Management fee income decreased by $356,000 during the nine months ended September 30, 2009 compared to the same period ending September 30, 2008. This income includes property management fees and development fees we earned related to our mixed use development, Scottsdale Quarter. The gain on the sale of depreciable real estate relates to the sale of a medical building at Grand Central Mall for approximately $4.6 million net of costs of $3.1 million during the first three months of 2009.
Total expenses decreased 1.4%, or $2.3 million, for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. Property operating expenses decreased $1.0 million, real estate taxes increased $1.2 million, the provision for doubtful accounts increased $134,000, other operating expenses decreased $3.5 million, depreciation and amortization increased $201,000, and general and administrative costs increased $682,000.
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